The need for re-engineering in the real estate appraisal system in Turkey

Abstract

Real estate appraisal in Turkey is one of the areas that need restructuring in the field of land administration. Although this requirement has been frequently expressed in recent years, systematic attempts to solve the problem do not seem to be available yet. At the solution stage, in addition to the creation of some of the work to be done, legal and institutional structures will be needed in real characteristics and precedent transaction price databases. In appraisal, performance and maintenance of databases will be achieved by utilising development of models to perform mass appraisal, and a presentation will be made to the user regarding the specified values that may be listed as the creation of mechanisms. In this context, it is argued that the Turkish real estate appraisal system needs to be re-engineered. Primarily for this, there must be an appropriate Law on Real Estate Appraisal and a governing institution for implementing this law. Under the leadership of the lead agency, real estate characteristics and market price databases should be built for usage in real estate appraisal.